From Preferred securities From Preferred securities

Definition: Contract of reward refers to demanding a person (rewarder) to pay a certain fee (reward) in return of an act; according to the corresponding contract, the party who takes an act is called “Agent”.

Considering the aforesaid definition in granting loan facilities for repair or completion of housing, the bank concludes a contract of reward as Agent and pays the corresponding loan facilities to the recipient as rewarder. The rewarder accepts the operation subject of contract on behalf of the agent (the bank).

In order to repair or complete the residential units, Bank Maskan pays the loan facilities in form of contract of reward in the following cases:

Loan facilities in form of contract of reward (deposit free) (through preferred securities);

Maximum amount of loan facilities: IRR 200,000,000.00

Period for refund: 5 years

Interest rate: 17.5%

Purchase procedure of securities: Referral to one of branches of Bank Maskan or one of Farabourse brokerage agencies;

Please refer to the following internet site for information about last price of securities:

www.irfarabourse.com

Term of payment of loan facilities in form of contract of reward:

Presently, loan facilities in form of contract of reward are paid once.

Period for fulfillment of liabilities: One month; recipient of loan facilities shall pay the first installment within one month after conclusion of contract of reward.

Contract of reward for repair: Drilling or repair of water wells, bathroom and kitchen, repair or asphalt of roof top, tile work and transfer of doors, and windows, plumbing and repair of heating and cooling systems, minor repairs inside a building, painting, purchase of water and electricity lines, water and gas pipelining, repair of worn-out wires of building.

Contract of reward for completion: Yard development, fencing, tile and mosaic work, gas and water pipelining, installation of heating and cooling equipment, kitchen cabinet mounting, completion of basement, drilling of wells, moquette work, ceramic work, and interior building renovation;

Kinds of acceptable pledges:

Requirements

Pledges

It is mandatory to submit a valid building completion certificate.

If the property has a title deed but no building completion certificate, it is mandatory to submit the building permit or non-violation certificate. It is obligatory to make inquiry from competent authorities (municipalities, rural districts governor’s office) indicating that the property has no debt. In case there is a debt, total value of the property is regarded as base for deciding on credit upon deduction of the said debt in accordance with other criteria.   

Mortgage of the entire six shares of pledge (immovable property) or surplus shares;

Submission of types of deposits (interest-free and investment;deposits);

Pledging types of deposits with Bank Maskan;

Submission of securities and certificates released by this Bank based on nominal/face value;

Partnership securities of, deposit and investment certificates (general and specific) and Rah Avard Abad Fund and other securities released by Bank Maskan;

Up to IRR 100,000,000 is given by introducing an eligible obligor; more than the said amount, it is obligatory to introduce two eligible obligors and signature of the recipient of loan facilities and obligor/s given in internal contract is mandatory.

(submitting salary deduction certificate by the recipient of loan facilities or one of two obligors is mandatory).    

Drawing up an internal contract only on the property mortgage with the bank;

Up to IRR 100,000,000 is given by introducing one eligible obligor and for more than the said amount, it is obligatory to introduce two eligible obligors.

Obtaining promissory notes

 

Payment of re-loan facilities:

  1. Payment of re-loan facilities in form of contract of reward with or without deposit without time limitation and through payment of the remaining debt of the previous contract of award is free of impediment.
  2. Payment of re-loan facilities to the applicants who have benefited from the loan facilities in form of contract of reward for repair from other banks, and in case of settlement of loan facilities received, is free of impediment according to the respective rules and regulations.
Modified Date1398/5/13- 9:58

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